Shoper (SHO) Q3 2024 earnings summary

Executive summary

• Achieved record-high quarterly and 9M revenue and EBITDA, driven by dynamic GMV growth, platform expansion, and home.pl migration.

• Omnichannel GMV up 61% YoY to PLN 3.6bn in Q3 2024; 9M Omnichannel GMV up 56% to PLN 10.2bn.

• Completed acquisition of remaining 20% of Apilo, now fully consolidated.

• Workforce expanded to 340, supporting continued growth and platform development.

• Strong outlook for Q4 and full-year 2024, with Q4 as the most sales-intensive period.

Financial highlights

• Q3 2024 revenue: PLN 47.4m (+27% YoY); 9M 2024 revenue: PLN 137.7m (+26% YoY); adjusted EBITDA: PLN 46.2m (+30% YoY).

• Net profit adj: PLN 27.2m (+31% YoY); net profit: PLN 23.6m (+39% YoY).

• Operating cash flow strong; cash and cash equivalents rose to PLN 24.3m.

• Dividend payout of PLN 18.85m in June 2024.

• Total assets grew 9% to PLN 138.3m; equity increased 5% to PLN 59.1m.

Outlook and guidance

• 2024 GMV Omnichannel growth expected at least 2x market rate; revenue growth to match GMV Stores dynamics.

• EBITDA margin to remain above 30%; take rate to be maintained at 2023 levels.

• Management expects home.pl migration to gradually boost revenue and margins over 24 months.

• Inflation and consumer sentiment are key risks for future performance.

• No formal earnings guidance published for 2024.